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PetroTal Corp on Thursday said it was optimistic of good oil-in-place estimates after successful testing at its thirteenth well in the Bretana oil field.
PetroTal shares were trading 5.3% higher at 49.06 pence each in London on Thursday afternoon.
The Alberta, Canada-based oil and gas company, which is focused on the development of oil assets in Peru, said well 13H had successfully tested at around 8,000 barrels of oil per day over its first week of production.
This placed it amongst the top horizontal producers drilled to date.
The well was drilled to a total measured depth of 4,864 metres, including a 1,152-metre lateral section, making it the longest reach horizontal well the company has ever drilled.
It was completed on time without any operational issues, and within a budget of $14.4 million.
Current field production capacity is over 20,000 barrels. PetroTal added that the well had encountered its target producing formation three metres higher than prognosis, and five metres higher at the end of the horizontal section, which it estimated could have a positive impact on the oil-in-place estimates and reserves.
Drilling has also begun on well 12H, with an approximate cost of $14.0 million and expected completion in mid-December. The company said it started drilling after well 13H in order to save time and costs related to skidding the rig to the corresponding cellar.
"We are pleased to announce the successful and productive 13H oil well, our longest horizontal well to date. We look forward to seeing the 12H well deliver similar results," said Chief Executive Officer Manuel Zuniga-Pflucker.
"We will continue to operate and develop our assets with prudent and safe operational practices that deliver best in class productivity for employees and shareholders."
PetroTal said it will release the third quarter financial results on November 17.
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